Category: Artificial Intelligence
In this article, we discuss the application of deep learning in the auto insurance industry, specifically in the areas of motor insurance and damage assessment. The focus will be on how autonomous vehicles are impacting the motor insurance field and the need for alternative careers as human-driven cars become obsolete. Additionally, we will explore the practical uses of deep learning in insurance, using the example of developing a classifier for vehicle damage assessment. Let’s begin by acknowledging the profound impact that autonomous vehicles are having on the motor insurance industry. As these self-driving cars become more prevalent, there is a...
Why member enrollment is an area of concern! Member enrollment is a crucial business function in healthcare and insurance group benefits and is directly associated with customer experience. It influences the experiences of all major external personas in the following way: Eligible employees start receiving coverage protection only when successfully enrolled in the carrier’s system Employers depend on the successful completion of the enrollment process for determining premium installments and accounting Plan administrators get paid only when the enrollment process is complete Brokers receive commission only on successful completion of the enrollment process as the way to determine employee participation...
Which 3 ways AI is likely to disrupt the Insurance industry at a massive pace? Recently I attended a workshop, that addressed how AI is disrupting the insurance industry, with the keynote that while the insurance industry was always slow in embracing transformation, that’s not true anymore. I was also reading through this article that coincidentally addressed a similar point. Today, venture capitalists understand the huge potential for technologies like AI to revolutionalize insurance. There are likely 3 potential areas where AI can bring “change” to an industry that is known for its stiffness & phobia to change – 1....
